Riva at the Park

Situation

This development near downtown Houston was dependent on presales to initiate construction. We obtained approval from the city for either 7 or 10 stories and settled on 10 based on healthy presales. The challenges were many. This was the first condo development in the area in over a decade. The sales office was hard to find. This was the developer’s first foray into condos, and the plans allowed unlimited buyer customization.

Client: Sims Luxury Builders

Strategy

29 homes starting in the $800s

We stimulated early sales with initial lower pricing and the unique value of customization. We marketed the urban beauty of the building’s location next to recently reinvigorated Buffalo Bayou Park. We also asked early buyers to share this unique opportunity by referring their friends.

Results

Early buyers provided us with a highly qualified list of referrals, which accounted for more than 75% of subsequent buyers. We sold out the development within 90 days.